Sovereign Assurance, a subsidiary of Commonwealth Bank of Australia which also owns ASB in New Zealand, is losing Managing Director Simon Blair who is to take up the position of Group Executive, International Financial Services at Commonwealth Bank.

Blair will be replacing Gary Mackrell who announced his retirement as Group Executive by the end of June 2009.

Mackrell will continue as a Director, on behalf of the Commonwealth Bank, on the Boards of Hangzhou City Commercial Bank and Bankwest, and will remain on the ASB/Sovereign Boards in New Zealand and as Chairman of PT Bank Commonwealth in Indonesia for a transitional period, Commonwealth CEO Ralph Norris said.

Here is the full release from Commonwealth Bank.